Storm international invests 43mln in Shangri La casino reconstruction

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16.04.2008, 17:29

Storm International, the second largest Russian casino holding, has invested $3mln in reconstruction of Cleopatra, the largest gambling house in Armenia, which been renamed into Shangri La, President of Storm International Michael Bottcher told reporters

YEREVAN, April 15. /ARKA/. Storm International, the second largest Russian casino holding, has invested $3mln in reconstruction of Cleopatra, the largest gambling house in Armenia, which been renamed into Shangri La, President of Storm International Michael Bottcher told reporters at the casino presentation event.

Storm International purchased Cleopatra owned by Multi Group last September to reconstruct and rename it into Shangri La.

With the size of total investments initially set at $3mln the company is going to make them $7mln by the end of year.

The casino currently occupying a total territory of 2,400 cubic metres will expand on 800 additional cubic metres comprising 12 gambling tables and 85 gambling machines.

Armenia is the first CIS country in which the company opens a casino. President of Multi Group Concern Gagik Tsarukyan is an experienced partner in gambling business, Bottcher said. Shangri La ownership is equally shared by Multi Group and Storm International.

Storm International was founded in 1992. It owns 23 Super Slot, Shangri La and Jazz Town gambling houses.

The company owns gambling houses in Venezuela and Tunis. Storm International is planning to expand in other CIS countries, namely in Ukraine. N.H. –0--

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